During the trading session yesterday, investors appreciated once again the share price increase of the seeking joint venture partners Opal Energy Corp. (CVE:OPA), (PINK:OPAFF).
This time, as opposed to the surging up at the beginning of the week, the company’s diligence in looking for new partners made OPA stock worth the modest 14.29% more.
There was no significant official news related to the development of Opal Energy Corp. these days. Last month, the overall picture was the same. The long time excepted updating of the company’s web site is also not finished up to now.
Last Thursday, the buried in mystery company announced its prepared financial reports as of the end of this September and effective November 25, 2010.
Looks like eager to receive some news about the company, both investors in a speculative mood and those that invested own capital in the company’s long-term development decided on the announced financial results to increase the value of the invested capital in OPA.
In the above mentioned financials, OPA reports that it has a deficit of more than $80 million, has written off last year all of its oil and gas properties and has no natural gas wells in production. Though, the willingness of the company to look for new joint ventures loaded investors with optimism to push the stock price up.
Maybe, the only positive and optimistic information in the above report is the fact that OPA stock is not yet diluted, and remains a scarce commodity on the market these days.
At the beginning of this year, OPA entered into a Joint Venture Agreement with a private New Zealand company to acquire leases in New Zealand. Up to now, the company made bids on three parcels.[BANNER]
Opal Energy Corp. also entered into a Joint Exploration and Development Agreement to explore prospects in Starr County, Texas. The agreement grants the company the option to acquire a 10% working interest in any drilling undertaken in the above mentioned area.
Yesterday, the stock closed the market at $0.040 on a volume of more than 12,5 million shares. The $12.49 million market value for the company looks like the result from the company’s willingness to look for a new perspective.
From the date of the announcement of above mentioned financials, on the TSX Venture Exchange the shares of Opal Energy Corp. added exactly 100% in value.
